You should consider the risk not just of GUSD failing but that the company Gemini lends your money to becoming unable to pay Gemini (you) back - there is risk you lose 100 of what you put into Gemini Earn. Press question mark to learn the rest of the keyboard shortcuts. You should put 1/3 into Celsius, 1/3 into Gemini Earn, 1/3 into Anchor Protocol on Terra. Any thoughts Press J to jump to the feed. Sébastien Derivaux, MakerDAO's asset-liability lead, told Decrypt that those funds "have no link with Gemini Earn. What are the real risks if holding Gemini Dollar in an earn account. MakerDAO's GUSD supply accounts for roughly two-thirds of the stablecoin's $678 million market cap, which experienced a sharp drop on Wednesday morning's news. The proprietary scoring system analyzes how much money was required to move the price over the past 24 hours. GUSD's market cap blew past its recent all-time high market cap of $410 million last month when it signed an agreement with MakerDAO to offer the protocol 1.25% rewards on staked GUSD.Īs of Wednesday morning, MakerDAO had $435 million worth of GUSD on its platform-a more than 10x increase from October. Monday, Decem07:16 PM InvestorsObserver Analysts Gemini Dollar receives a low risk rating from InvestorsObserver analysis. Genesis suspended client withdrawals from its lending arm early Wednesday morning, citing "FTX impact." FTX Group, which includes Sam Bankman-Fried's crypto exchanges FTX.com, FTX US and trading desk Alameda Research, filed for bankruptcy on Friday.įor stablecoins, supply tends to track closely with their market capitalization since the tokens are created when investors buy them and destroyed when they're redeemed. Gemini published a blog post on Wednesday morning explaining their pause on Gemini Earn news was a knock-on effect from Genesis Capital. Normally redemptions are in 5000-25000 range. Up to five business days, but its oftentimes quicker. Hot wallet balances & on-chain transactions to/from Gemini’s addresses can be checked using any Ethereum explorer like Etherscan. If theres a lot of redemptions then they have to call some of the loan to Genesis to get the funds back to process the redemptions. Lending through Gemini is a crazy risky prospect now and certainly is not worth the measly 6.9 premium. With Gemini Earn, you can receive up to 8.05 APY on your cryptocurrency, including stable coins. Gemini Earn helps users to put their crypto balance to work. Additionally, you can earn up to 7.4 APY on your crypto held at Gemini. The Gemini Dollar, the exchange's dollar-pegged stablecoin, was launched in September 2018. So if Gemini goes down, it doesn’t matter if Genesis prospers into the next millennium, your money’s gone. We’ve hit this milestone in less than six months since its launch this February. Gemini was founded by billionaire brothers Tyler and Cameron Winklevoss in 2014. So if u wanna enjoy near 3 digit yield before it get arb, have fun! /Z5ay54PYeg I personally think there's zero issue with it with my current knowledge. GUSD cannot be used as collateral on Aave.
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